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☆ It'll take actions over words for Goldman to reach its financial targets, says Wells Fargo's Mike Mayo
  + stars: | 2023-02-28 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll take actions over words for Goldman to reach its financial targets, says Wells Fargo's Mike MayoMike Mayo, Wells Fargo senior banking analyst, joins the 'Halftime Report' to discuss Goldman's financial target plan, Goldman's successful legacy business, and lack of resolution about Goldman Sachs consumer banking business.
☆ Watch CNBC's full interview with Mike Mayo, Wells Fargo senior banking analyst
  + stars: | 2023-02-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Mike Mayo, Wells Fargo senior banking analystMike Mayo, Wells Fargo senior banking analyst, joins the 'Halftime Report' to discuss Goldman's financial target plan, the company's highly successful legacy business and lack of resolution about Goldman's consumer banking business.
☆ Analysis: Goldman Sachs CEO, after missteps, to take center stage at investor day
  + stars: | 2023-02-24 | by ( Saeed Azhar | ) www.reuters.com   time to read: +6 min
"It's a pretty important investor day," said Mike Cronin, investor director at fund manager abrdn, which owns a stake in the bank. In 2020, Solomon kicked off Goldman's inaugural investor day by telling participants they should feel free to "break into open applause." A deal could broaden Goldman's revenue beyond trading and investment banking, which can be buffeted by economic cycles. The investor day is also an opportunity for the company to address questions around Solomon's leadership after bad press, Mayo said. But several presenters from the 2020 investor day have since left.
☆ Goldman Sachs expanding its consumer business was a terrible decision, says Wells Fargo's Mike Mayo
  + stars: | 2023-02-15 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs expanding its consumer business was a terrible decision, says Wells Fargo's Mike MayoWells Fargo analyst Mike Mayo joins 'Squawk Box' to discuss Goldman Sachs missing financial targets last year, where to invest in banking, and more.
☆ Some Goldman Sachs partners want to tell the board about their concerns over CEO David Solomon
  + stars: | 2023-02-08 | by ( Dakin Campbell | ) www.businessinsider.com   time to read: +15 min
A decline in morale at the Wall Street firm concerns some Goldman partners. Here are their concerns about CEO David Solomon, who addressed the partners in Miami. CEO David Solomon addressed Goldman Sachs' partners today at the firm's annual partners meeting in Miami. There's little history for Goldman partners taking their concerns directly to the board. Since then, according to someone who has spoken to investors, more shareholders have questioned how long Solomon can last as Goldman's CEO.
☆ Wells Fargo hikes Goldman Sachs price target, says stock is undervalued relative to peers
  + stars: | 2023-02-08 | by ( Samantha Subin | ) www.cnbc.com   time to read: +1 min
Wells Fargo believes more upside is in store for shares of Goldman Sachs . Banking analyst Mike Mayo upped his price target on the Wall Street investment bank to $420 from $390 a share. The new price target implies upside of about 12% from Tuesday's close. GS YTD mountain Goldman shares since the start of the year Goldman is targeting return on equity, a profitability metric, of 14%-16% and return on tangible equity of 15%-17% for 2023, Mayo said. Shares of Goldman Sachs have so far gained 9% in 2023.
☆ 'Halftime Report' traders name stocks to play this resilient economy
  + stars: | 2023-02-08 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Companies that will benefit from a resilient economy are among the names that caught the eyes of Wall Street and the CNBC "Halftime Report" traders on Wednesday. While investors focused on the latest earning reports, which weighed on the market, there were several upgrades by Wall Street analysts of stocks the "Halftime Report" traders own . He called the Wall Street investment bank a high quality company at an attractive price. Wells Fargo analyst Mike Mayo is in agreement, boosting his price target to $420 a share from $390. Another name Lebenthal owns is Delta Air Lines , which was upgraded by Redburn to buy from neutral on Wednesday.
☆ Goldman Sachs consumer expansion a 'sideshow' to its main business, says Wells Fargo's Mike Mayo
  + stars: | 2023-01-20 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs consumer expansion a 'sideshow' to its main business, says Wells Fargo's Mike MayoMike Mayo, Wells Fargo Securities senior banking analyst, joins 'Closing Bell Overtime' to discuss the fall of Goldman Sachs consumer banking division, the Federal Reserve investigation facing Goldman Sachs, and stock recommendations for the banking sector.
☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
  + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com   time to read: +19 min
NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.
☆ JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call
  + stars: | 2023-01-13 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +6 min
Mike Mayo Bloomberg TVIn response, Dimon said that JPMorgan has been "very disciplined" in its acquisition strategy, but added that the Frank acquisition was, "in one way or another, a huge mistake." Mayo has previously been critical of JPMorgan's spending plans, which also became a flashpoint for some JPMorgan investors in the run up to the bank's investor day last May. In 2020, Insider detailed how JPMorgan spun up a "rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn. Or are you a shareholder with concerns about the bank's spending?
☆ Our base case is for banks to be up 50% this year, says Wells Fargo's Mike Mayo
  + stars: | 2023-01-12 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur base case is for banks to be up 50% this year, says Wells Fargo's Mike MayoWells Fargo's Mike Mayo joins 'Closing Bell: Overtime' to discuss upcoming bank earnings, which kick off tomorrow with Citi, Bank of America, JPMorgan and Wells Fargo, all reporting before the opening bell.
☆ Watch CNBC's full discussion on bank earnings with Wells Fargo's Mike Mayo
  + stars: | 2023-01-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full discussion on bank earnings with Wells Fargo's Mike MayoWells Fargo's Mike Mayo joins 'Closing Bell: Overtime' to discuss upcoming bank earnings, which kick off tomorrow with Citi, Bank of America, JPMorgan and Wells Fargo, all reporting before the opening bell.
☆ These under-the-radar bank stocks are among Wall Street’s favorites as earnings season begins
  + stars: | 2023-01-12 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Several big banks will kick off earnings season for the sector on Friday, yet it's the smaller, under-the-radar names that are most loved by Wall Street. For instance, only 54% of analysts covering Bank of America say the stock is a buy, while 58% of those covering JPMorgan rate it a buy, according to FactSet. To find bank stocks expected to outperform this year, CNBC Pro screened for the names most loved by analysts. They also have at least 8 analysts covering them. About 80% of the analysts covering the stock give it a buy rating, including Piper Sandler's John Barnidge.
☆ Wells Fargo Securities' Mike Mayo breaks down his huge bullish call on Bank of America
  + stars: | 2023-01-05 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo Securities' Mike Mayo breaks down his huge bullish call on Bank of AmericaMike Mayo, Wells Fargo Securities, joins CNBC's "Fast Money" to discuss his huge bullish call on Bank of America shares.
☆ Wells Fargo says this top bank pick can jump 55% this year
  + stars: | 2023-01-04 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Wells Fargo analyst Mike Mayo named Bank of America his top pick for 2023 on expectations for "near best-in-class" growth in net interest income, profit margins and earnings. The stock should merit a higher multiple this year and can climb 55% from its price on Tuesday, Mayo wrote in a note published that day. To be fair, Bank of America was also Mayo's top pick at the start of 2022. based on the Fed stress test," Mayo wrote of last year's stock decline. Mayo's other top picks are U.S. Bancorp and PNC Financial , both of which should beat consensus earnings by at least 6% over the next two years, Mayo wrote.
☆ How Bank of America achieved a massive comeback from the brink of collapse
  + stars: | 2022-12-27 | by ( Nathaniel Lee | ) www.cnbc.com   time to read: +2 min
"If the government did not intervene for Bank of America and the other banks, Bank of America would have failed." The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008. "This is unique to the banking industry and Bank of America being one of the largest banks, stands to benefit the most." "The big change at Bank of America is that they have gone from irresponsible growth to responsible growth," said Mayo. "One key aspect of Bank of America's responsible growth is to say no and no more often," explained Mayo.
☆ Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
  + stars: | 2022-12-22 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +11 min
Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business. "Out of control" spendingGoldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings. The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business. Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen.
☆ 2022 didn’t go as expected for bank investors. How to avoid pitfalls in the sector in 2023
  + stars: | 2022-12-19 | by ( Hugh Son | ) www.cnbc.com   time to read: +4 min
Banks finally got a long-awaited boost to interest rates this year after a decade of toiling in a low-rate environment. A year ago, big lenders including Bank of America and Wells Fargo were the top picks of the analyst community because they were expected to benefit from higher rates . Loan growth coupled with vast deposit bases would drive gains in interest income as the Federal Reserve hiked rates, the thinking went. In a downturn, banks are exposed to surging loan defaults, reduced loan demand and write-downs on assets. Veteran analyst Mike Mayo of Wells Fargo said that bank stocks could pop 50% in 2023 by proving their resilience in a recession.
☆ Goldman to cut thousands of staff as Wall Street layoffs intensify
  + stars: | 2022-12-16 | by ( Saeed Azhar Lananh Nguyen | Saeed Azhar | Lananh Nguyen | ) www.reuters.com   time to read: +3 min
The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Goldman Sachs had 49,100 employees at the end of the third quarter after adding significant numbers of staff during the pandemic. The bank is weighing a sharp cut to the annual bonus pool this year, a separate source familiar with the matter said. Goldman Sachs declined to comment. The investment bank had first warned in July that it might slow hiring and cut expenses.
☆ Wells Fargo's Mike Mayo still bullish on Bank of America, despite lowering expectations
  + stars: | 2022-12-07 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Mike Mayo still bullish on Bank of America, despite lowering expectationsMike Mayo, Wells Fargo Securities, joins 'Closing Bell: Overtime' to discuss his lowered expectations for Bank of America and why he cut its target.
☆ Traders are watching this group of stocks to gauge how much investors really fear a recession
  + stars: | 2022-12-06 | by ( Bob Pisani | ) www.cnbc.com   time to read: +2 min
After what happened with bank stocks Monday, investor attention is going to shift to the Goldman Sachs US Financial Services Conference that opens today. Regional bank stocks tend to move with the S & P, so that is a very big selloff, and volumes were elevated as well. Others think investors are simply catching up with the "higher for longer" interest rate environment. You hear 'recession' and you sell bank stocks," Wells Fargo's long-time bank analyst Mike Mayo said on CNBC yesterday. "If we are entering a slower growth economy, will banks have to put aside more money for loans going bad?," Siefers told me.
☆ Wells Fargo's Mike Mayo offers his bull case for bank stocks
  + stars: | 2022-12-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Mike Mayo offers his bull case for bank stocksMike Mayo, a Wells Fargo senior analyst, joins 'Closing Bell: Overtime' to discuss the outlook of the bank stocks.
☆ Watch CNBC’s full interview with Wells Fargo's Mike Mayo
  + stars: | 2022-10-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Wells Fargo's Mike MayoMike Mayo, Wells Fargo senior analyst, joins the 'Halftime Report' to discuss his call for banks after earnings.
☆ This will be the best recession for banks, due to higher rates, says Wells Fargo's Mike Mayo
  + stars: | 2022-10-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis will be the best recession for banks, due to higher rates, says Wells Fargo's Mike MayoMike Mayo, Wells Fargo senior analyst, joins the 'Halftime Report' to discuss his call for banks after earnings.
☆ Analysis: Goldman Sachs' consumer pivot solves one question, but makeover raises more
  + stars: | 2022-10-19 | by ( Lananh Nguyen Saeed Azhar | Lananh Nguyen | Saeed Azhar | ) www.reuters.com   time to read: +6 min
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoNEW YORK, Oct 19 (Reuters) - Goldman Sachs Group Inc's (GS.N) strategy pivot has solved one problem for investors who didn't love its foray into consumer banking. Solomon's response: Goldman Sachs is focusing on its fundamental operations while maintaining its financial targets. "Ultimately the investment banking business is a great business, it has always done well," he said. "While the consumer strategy has been successful in generating deposits for Goldman Sachs, its expansion has also been costly in terms of operating expenses and provisions.
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